[Federal Register Volume 84, Number 247 (Thursday, December 26, 2019)]
[Proposed Rules]
[Pages 71275-71278]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26557]



[[Page 71275]]

Vol. 84

Thursday,

No. 247

December 26, 2019

Part XXVI





Federal Reserve System





-----------------------------------------------------------------------





Semiannual Regulatory Agenda

  Federal Register / Vol. 84 , No. 247 / Thursday, December 26, 2019 / 
UA: Reg Flex Agenda  

[[Page 71276]]


-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM

12 CFR Ch. II


Regulatory Agenda; Semiannual Regulatory Agenda

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Semiannual regulatory agenda.

-----------------------------------------------------------------------

SUMMARY: The Board is issuing this agenda under the Regulatory 
Flexibility Act and the Board's Statement of Policy Regarding Expanded 
Rulemaking Procedures. The Board anticipates having under consideration 
regulatory matters as indicated below during the period October 1, 
2019, through March 31, 2020. The next agenda will be published in 
spring 2020.

DATES: Comments about the form or content of the agenda may be 
submitted any time during the next 6 months.

ADDRESSES: Comments should be addressed to Ann E. Misback, Secretary of 
the Board, Board of Governors of the Federal Reserve System, 
Washington, DC 20551.

FOR FURTHER INFORMATION CONTACT: A staff contact for each item is 
indicated with the regulatory description below.

SUPPLEMENTARY INFORMATION: The Board is publishing its fall 2019 agenda 
as part of the Fall 2019 Unified Agenda of Federal Regulatory and 
Deregulatory Actions, which is coordinated by the Office of Management 
and Budget under Executive Order 12866. The agenda also identifies 
rules the Board has selected for review under section 610(c) of the 
Regulatory Flexibility Act, and public comment is invited on those 
entries. The complete Unified Agenda will be available to the public at 
the following website: www.reginfo.gov. Participation by the Board, as 
an independent Agency, in the Unified Agenda is on a voluntary basis.
    The Board's agenda is divided into four sections. The first, 
Proposed Rule Stage, reports on matters the Board may consider for 
public comment during the next 6 months. The second section, Final Rule 
Stage, reports on matters that have been proposed and are under Board 
consideration. The third section, Long-Term Actions, reports on matters 
where the next action is undetermined, 00/00/0000, or will occur more 
than 12 months after publication of the Agenda. And a fourth section, 
Completed Actions, reports on regulatory matters the Board has 
completed or is not expected to consider further. A dot () 
preceding an entry indicates a new matter that was not a part of the 
Board's previous agenda.

 Yao-Chin Chao,
Assistant Secretary of the Board.

                Federal Reserve System--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
488.......................  Source of Strength                 7100-AE73
                             (Section 610 Review).
489.......................  Regulation LL--Savings and         7100-AD80
                             Loan Holding Companies
                             and Regulation MM--Mutual
                             Holding Companies (Docket
                             No: R-1429).
------------------------------------------------------------------------


                Federal Reserve System--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
490.......................  Regulation CC--                    7100-AD68
                             Availability of Funds and
                             Collection of Checks
                             (Docket No: R-1409).
491.......................  Reduced Reporting for              7100-AF12
                             Covered Depository
                             Institutions (Docket No:
                             R-1618).
------------------------------------------------------------------------

FEDERAL RESERVE SYSTEM (FRS)

Long-Term Actions

488. Source of Strength (Section 610 Review)

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 12 U.S.C. 1831(o)
    Abstract: The Board of Governors of the Federal Reserve System 
(Board), the Office of the Comptroller of the Currency (OCC), and the 
Federal Deposit Insurance Corporation (FDIC) plan to issue a proposed 
rule to implement section 616(d) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act. Section 616(d) requires that bank holding 
companies, savings and loan holding companies, and other companies that 
directly or indirectly control an insured depository institution serve 
as a source of strength for the insured depository institution.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Next Action Undetermined............           To Be Determined
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Undetermined.
    Agency Contact: Conni Allen, Special Counsel, Federal Reserve 
System, Division of Supervision and Regulation, Washington, DC 20551, 
Phone: 202 912-4334.
    Melissa Clark, Lead Financial Institution Policy Analyst, Federal 
Reserve System, Division of Supervision and Regulation, Washington, DC 
20551, Phone: 202 452-2277.
    Barbara Bouchard, Senior Associate Director, Federal Reserve 
System, Division of Supervision and Regulation, Washington, DC 20551, 
Phone: 202 452-3072.
    Jay Schwarz, Special Counsel, Federal Reserve System, Legal 
Division, Washington, DC 20551, Phone: 202 452-2970.
    Claudia Von Pervieux, Senior Counsel, Federal Reserve System, Legal 
Division, Washington, DC 20551, Phone: 202 452-2552.
    RIN: 7100-AE73

489. Regulation LL--Savings and Loan Holding Companies and Regulation 
MM-Mutual Holding Companies (Docket No: R-1429)

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 5 U.S.C. 552; 5 U.S.C. 559; 5 U.S.C. 1813; 5 
U.S.C. 1817; 5 U.S.C. 1828
    Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection 
Act (the Dodd-Frank Act) transferred responsibility for supervision of 
Savings and Loan Holding Companies (SLHCs) and their non-depository 
subsidiaries from the Office of Thrift Supervision (OTS) to the Board 
of Governors of the Federal Reserve System (the Board), on July 21, 
2011. The Act also transferred supervisory functions related to Federal 
savings associations and State savings

[[Page 71277]]

associations to the Office of the Comptroller of the Currency (OCC) and 
the Federal Deposit Insurance Corporation (FDIC), respectively. The 
Board on August 12, 2011, approved an interim final rule for SLHCs, 
including a request for public comment. The interim final rule 
transferred from the OTS to the Board the regulations necessary for the 
Board to supervise SLHCs, with certain technical and substantive 
modifications. The interim final rule has three components: (1) New 
Regulation LL (part 238), which sets forth regulations generally 
governing SLHCs; (2) new Regulation MM (part 239), which sets forth 
regulations governing SLHCs in mutual form; and (3) technical 
amendments to existing Board regulations necessary to accommodate the 
transfer of supervisory authority for SLHCs from the OTS to the Board. 
The structure of interim final Regulation LL closely follows that of 
the Board's Regulation Y, which governs bank holding companies, in 
order to provide an overall structure to rules that were previously 
found in disparate locations. In many instances, interim final 
Regulation LL incorporated OTS regulations with only technical 
modifications to account for the shift in supervisory responsibility 
from the OTS to the Board. Interim final Regulation LL also reflects 
statutory changes made by the Dodd-Frank Act with respect to SLHCs, and 
incorporates Board precedent and practices with respect to applications 
processing procedures and control issues, among other matters. Interim 
final Regulation MM organized existing OTS regulations governing SLHCs 
in mutual form (MHCs) and their subsidiary holding companies into a 
single part of the Board's regulations. In many instances, interim 
final Regulation MM incorporated OTS regulations with only technical 
modifications to account for the shift in supervisory responsibility 
from the OTS to the Board. Interim final Regulation MM also reflects 
statutory changes made by the Dodd-Frank Act with respect to MHCs. The 
interim final rule also made technical amendments to Board rules to 
facilitate supervision of SLHCs, including to rules implementing 
Community Reinvestment Act requirements and to Board procedural and 
administrative rules. In addition, the Board made technical amendments 
to implement section 312(b)(2)(A) of the Act, which transfers to the 
Board all rulemaking authority under section 11 of the Home Owner's 
Loan Act relating to transactions with affiliates and extensions of 
credit to executive officers, directors, and principal shareholders. 
These amendments include revisions to parts 215 (Insider Transactions) 
and part 223 (Transactions with Affiliates) of Board regulations.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Board Requested Comment.............   09/13/11  76 FR 56508
Board Expects Further Action........   12/00/20
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Keisha Patrick, Senior Counsel, Federal Reserve 
System, Legal Division, Washington, DC 20551, Phone: 202 452-3559.
    RIN: 7100-AD80

FEDERAL RESERVE SYSTEM (FRS)

Completed Actions

490. Regulation CC--Availability of Funds and Collection of Checks 
(Docket No: R-1409)

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 12 U.S.C. 4001 to 4010; 12 U.S.C. 5001 to 5018
    Abstract: The Board of Governors of the Federal Reserve System (the 
Board) is amending Regulation CC, which implements the Expedited Funds 
Availability Act (EFA Act), which governs the availability of funds 
after a check deposit, as well as check collection and return. In March 
2011, the Board proposed amendments to Regulation CC to facilitate the 
banking industry's ongoing transition to fully electronic interbank 
check collection and return, including proposed amendments to subpart C 
to encourage depository banks to receive and paying banks to send 
returned checks electronically and proposed amendments to subpart B's 
funds availability schedule provisions. Subsequently, section 1086 of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act amended 
the EFA Act to provide the Consumer Financial Protection Bureau (CFPB) 
with joint rulemaking authority with the Board over certain EFA Act 
provisions, including those implemented by subpart B of Regulation CC. 
Based on its analysis of comments received, the Board revised its 
proposed amendments to subpart C of Regulation CC. The Board finalized 
its proposed amendments to subpart C in June 2017.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Board Requested Comment.............   03/25/11  76 FR 16862
Board Requested Comment on Revised     02/04/14  79 FR 6673
 Proposal.
Board Published Final Rule on          06/15/17  82 FR 27552
 Subpart C.
Board Published Final Rule on          07/03/19  84 FR 31687
 Subpart B.
Final Rule Effective................   07/03/19
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Gavin Smith, Senior Counsel, Federal Reserve 
System, Legal Division, Washington, DC 20551, Phone: 202 452-3474.
    Ian Spear, Manager, Federal Reserve System, Division of Reserve 
Bank Operations and Payment Systems, Washington, DC 20551, Phone: 202 
452-3959.
    RIN: 7100-AD68

491. Reduced Reporting for Covered Depository Institutions (Docket No: 
R-1618)

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 12 U.S.C. 1817(a)(12)
    Abstract: The Office of the Comptroller of the Currency (OCC), the 
Board of Governors of the Federal Reserve System (Board), and the 
Federal Deposit Insurance Corporation (FDIC) (collectively, the 
Agencies) issued a final rule to implement section 205 of the Economic 
Growth, Regulatory Relief, and Consumer Protection Act by expanding the 
eligibility to file the agencies' most streamlined report of condition, 
the FFIEC 051 Call Report, to include certain insured depository 
institutions with less than $5 billion in total consolidated assets 
that meet other criteria and, establishing reduced reporting on the 
FFIEC 051 Call Report for the first and third reports of condition for 
a year. The OCC and Board also are finalizing similar reduced reporting 
for certain uninsured institutions that they supervise with less than 
$5 billion in total consolidated assets that otherwise meet the same 
criteria. This Federal Register notice also includes a Paperwork 
Reduction Act notice to reduce the amount of data required to be 
reported on the FFIEC 051 Call Report for the first and third calendar 
quarters, and other related changes.
    Timetable:

[[Page 71278]]



------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Board Requested Comments............   11/19/18  83 FR 58432
Board Adopted Final Rule............   06/21/19  84 FR 290053
Final Action Effective..............   07/22/19
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Laura Bain, Senior Attorney, Federal Reserve 
System, Legal Division, Washington, DC 20551, Phone: 202 736-5546.
    Claudia Von Pervieux, Senior Counsel, Federal Reserve System, Legal 
Division, Washington, DC 20551, Phone: 202 452-2552.
    RIN: 7100-AF12

[FR Doc. 2019-26557 Filed 12-23-19; 8:45 am]
BILLING CODE 6210-01-P